Minister of Finance Xiao Jie answers questions on reform of fiscal and taxation system and financial work at a press conference for the fifth session of the 12th National People’s Congress in Beijing, capital of China, March 7, 2017. [Photo/Xinhua]
BEIJING — China is pondering tax deduction for two-child family, Finance Minister Xiao Jie said on March 7.
Xiao made the remarks at a press conference on the sidelines of the annual parliamentary session.
China is planning reform to its personal income tax regime, Xiao said, allowing certain expenditures to be deducted when calculating taxable income.
Certain expenditures of two-child families, for example education payments, are among the considerations that may be deducted, Xiao said.
Chinese lawmakers adopted an amended family planning law in the end of 2015, a historic move allowing all couples to have two children.